Business

October 24, 2012

Northrop Grumman third quarter net income falls 12 percent

Defense contractor Northrop Grumman said Oct. 24 its third-quarter net income fell 12 percent, pulled down by a $66 million drop in net pension income, along with lower revenue.

But the company’s profit beat Wall Street predictions and it boosted its full-year profit outlook.

The Falls Church, Va.,-based company earned $459 million, or $1.82 per share in the three months ended Sept. 30. That was down from $520 million, or $1.86 per share, in the same quarter last year.

The per-share results got a significant boost – about 18 cents – from a nearly 10 percent drop in the number of outstanding shares.

Revenue fell 5 percent to $6.27 billion, from $6.61 billion last year.

Analysts, on average, expected a profit of $1.69 per share on $6.33 billion in revenue, according to FactSet.

Revenue at the company’s aerospace business rose 5 percent to $2.59 billion, as demand for its drone aircraft systems increased. But electronic systems revenue fell 10 percent to $1.71 billion and information systems revenue decreased 9 percent to $1.78 billion, both as a result of lower demand for defense-related products, which the company said reflects force reductions overseas.

Northrop Grumman boosted its full-year profit outlook, and now expects earnings to come in between $7.35 and $7.40 per share. That’s up from its previous range of $7.05 to $7.25 per share. Analysts, on average, expect $7.25 per share, with estimates ranging from $7.13 to $7.55.

The company also said it now expects its sales for the year to total about $25 billion. It previously predicted a range of $24.7 billion to $25.4 billion. Analysts expect $25.19 billion, on average, with estimates from $24.97 billion to $25.59 billion. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

Headlines July 21, 2014

News: IDF releases Iron Dome interception rate - Israel’s Iron Dome system has successfully intercepted 86 percent of the Palestinian rockets that it has engaged during Operation ‘Protective Edge’, according to the Israel Defense Forces.   Business: The turnaround of France’s defense giant Thales - Within seconds of meeting Jean-Bernard Levy it becomes apparent that h...
 
 

News Briefs July 21, 2014

Corruption investigated in Kansas National Guard The Kansas Adjutant General’s office says federal authorities are investigating possible corruption involving outside medical companies’ contracts with the Kansas Army National Guard. Sharon Watson, spokeswoman for the adjutant general’s office, confirmed the investigation Friday to The Lawrence Journal-World but declined to rel...
 
 
Air Force photograph by Rick Goodfriend

B61 undergoes testing in AEDC wind tunnel

Air Force photograph by Rick Goodfriend Arnold Engineering Development Complex engineers recently joined researchers with Sandia National Laboratories to perform a wind tunnel test on a full-scale mock-up B61. Pictured with the...
 

 
Army photograph by Charles Kennedy

New CT scanner finds diverse, important uses for researchers

Army photograph by Charles Kennedy Turning a now-standard tool for medical diagnostics and therapeutics to a host of new applications, the U. S. Army Research Laboratory’s Survivability/Lethality Analysis Directorate rece...
 
 

Ingalls Shipbuilding awarded $23.5 million LHA 8 affordability contract

Huntington Ingalls Industries’ Ingalls Shipbuilding division has been awarded an affordability design contract for $23.5 million for early industry involvement to reduce the construction and life-cycle cost for the amphibious assault ship LHA 8. “Ingalls Shipbuilding has been constructing large-deck amphibious ships for nearly 50 years, and this contract will build on our company...
 
 
Marine Corps photograph

DOD identifies missing World War II Marine

Marine Corps photograph Marines wounded during the landing on Tarawa in November 1943 are towed out on rubber boats to larger vessels that will take them to base hospitals. The Department of Defense POW/Missing Personnel Office...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>